SPEB Adhesives
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹56 | ₹0 |
| 07 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹56 | ₹0 |
| 06 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹56 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 01 Dec 2025 – 03 Dec 2025
- Listing date
- 08 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹56 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹33.73 Cr
- Market cap at offer price
- ₹126 Cr
- Promoter holding
- 100.00% → 73.18% pre-issue → post-issue
- ISIN
- INE1CW901027
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Plot No.J 33, MIDC, Taloja, Raigad, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 16,04,000 | — | — |
| Market maker | 5,38,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹56
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,12,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,24,000 |
| S-HNI (max) | 8 | 16,000 | ₹8,96,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹56 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.35 | 3.25 |
| P/E (×) | 16.72 | 17.23 |
| Price to book (×) | 4.32 | — |
| Market cap | — | ₹126 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 26.30%
- ROCE
- 32.07%
- PAT margin
- 13.16%
- EBITDA margin
- 17.47%
- NAV per share
- ₹14.4
- Price to book
- 4.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About SPEB Adhesives
Originally formed as the partnership firm "M/s. Speb Rubber Industries", the company was incorporated as SPEB Adhesives Private Limited on November 07, 1990 and converted into a public limited company, SPEB Adhesives Limited, pursuant to a fresh certificate of incorporation dated January 24, 2025. Its registered office and existing manufacturing unit are located at Plot No. J 33, MIDC, Taloja, Raigad, Panvel, Maharashtra, with an installed adhesive capacity of 36,00,000 litres. The company focuses on in-house manufacturing of solvent-based adhesives — specializing in polychloroprene-based and SBS-based formulations marketed under the SPEB-7 banner (multipurpose, spray-grade, premium bonding, ducting & insulation, and woodworking adhesives) — while water-based adhesives are produced on a contractual/job-work basis by a third-party contract manufacturer. It follows a B2B model, selling through four channels (Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts) to end-use industries including Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear and Generator Set; in-house manufacturing contributed 99.83% of revenue from operations for the period ended December 31, 2024, and Maharashtra customers accounted for 69.30% of domestic revenue in that period. For Fiscal 2024 the company reported revenue from operations of ₹ 4,261.64 lakhs, profit after tax of ₹ 489.39 lakhs, and nil borrowings. The company is wholly owned pre-IPO by the Vithlani family promoters (Kirtikumar, Harish, Gaurav and Bhaumik Vithlani) along with promoter group members, and its forthcoming SME IPO on the NSE Emerge platform comprises a fresh issue of up to 50,00,000 shares plus an offer for sale of up to 12,00,000 shares by promoters Kirtikumar and Harish Vithlani.
Company Analysis
from DRHPSPEB Adhesives Limited manufactures solvent-based synthetic rubber adhesives — primarily polychloroprene- and SBS (styrene-butadiene-styrene)-based — sold B2B into industries such as hardware, foam and furnishing, ducting and insulation, woodworking, footwear and generator sets, with water-based adhesives produced through contract manufacturing.
Originally formed as the partnership firm "M/s. Speb Rubber Industries", the company was incorporated as SPEB Adhesives Private Limited on November 07, 1990 and converted into a public limited company, SPEB Adhesives Limited, pursuant to a fresh certificate of incorporation dated January 24, 2025. Its registered office and existing manufacturing unit are located at Plot No. J 33, MIDC, Taloja, Raigad, Panvel, Maharashtra, with an installed adhesive capacity of 36,00,000 litres. The company focuses on in-house manufacturing of solvent-based adhesives — specializing in polychloroprene-based and SBS-based formulations marketed under the SPEB-7 banner (multipurpose, spray-grade, premium bonding, ducting & insulation, and woodworking adhesives) — while water-based adhesives are produced on a contractual/job-work basis by a third-party contract manufacturer. It follows a B2B model, selling through four channels (Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts) to end-use industries including Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear and Generator Set; in-house manufacturing contributed 99.83% of revenue from operations for the period ended December 31, 2024, and Maharashtra customers accounted for 69.30% of domestic revenue in that period. For Fiscal 2024 the company reported revenue from operations of ₹ 4,261.64 lakhs, profit after tax of ₹ 489.39 lakhs, and nil borrowings. The company is wholly owned pre-IPO by the Vithlani family promoters (Kirtikumar, Harish, Gaurav and Bhaumik Vithlani) along with promoter group members, and its forthcoming SME IPO on the NSE Emerge platform comprises a fresh issue of up to 50,00,000 shares plus an offer for sale of up to 12,00,000 shares by promoters Kirtikumar and Harish Vithlani.
Objects of the Issue
- Part finance the cost of establishing new manufacturing facility to expand production capabilities of water-based adhesives ('Proposed new facility') at Survey no. 120, 121/1 and 121/2, Village Tambati, Taluka Khalapur, District Raigad, Maharashtra ₹ 1,829.55 lakhs p.113
- General corporate purposes p.122
- Offer for Sale — to allow the Promoter Selling Shareholders (Kirtikumar Vithlani and Harish Vithlani) to sell their shares; the Company will not receive any proceeds from the Offer for Sale p.112
Issue Structure
- Total Issue
- Up to 62,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 50,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Up to 12,00,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] Lakhs (up to 6,00,000 shares each by Kirtikumar Vithlani and Harish Vithlani)
- Face Value
- ₹ 10 each
Business Model
The company earns revenue from the B2B sale of adhesives: predominantly in-house manufactured solvent-based synthetic rubber adhesives (99.83% of revenue from operations for the period ended December 31, 2024) plus small volumes of water-based adhesives made by a third-party contract manufacturer (0.17%), sold through four major business channels — Dealer-Distribution Network, Industrial Sales, Exports, and Government Supply Contracts — to end-use industries such as Hardware, Foam and Furnishing, Ducting and Insulation, Woodworking, Footwear, and Generator Set.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kirtikumar Vithlani | Promoter | 30.55% | — |
| Harish Vithlani | Promoter | 30.55% | — |
| Gaurav Vithlani | Promoter | 19.33% | — |
| Bhaumik Vithlani | Promoter | 19.33% | — |
| Madhu Vithlani | Promoter Group | 0.06% | — |
| Meena Vithlani | Promoter Group | 0.06% | — |
| Bhakti Vithlani | Promoter Group | 0.06% | — |
| Khyati Vithlani | Promoter Group | 0.06% | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.